Netwealth faces potential class action over super fund

• Netwealth Group received a letter and draft court documents proposing a class action regarding certain superannuation investment options.
• The company's stock fell 1.48% following the market update.
• The potential legal claim relates to matters previously addressed via an ASIC undertaking and a completed compensation programme.

Netwealth (ASX:NWL) has acknowledged receipt of a letter and draft court filings from solicitors representing a proposed class action plaintiff regarding alleged breaches of duties.

The draft documents allege duty breaches in connection with the offering and monitoring of First Guardian investment options within the Netwealth Superannuation Master Fund.

The company stated that the proposed claims relate to matters previously addressed through its court-enforceable undertaking with ASIC and a compensation programme completed in January 2026.

Netwealth noted that no formal court proceeding has been filed against its subsidiaries at this stage.

Netwealth is currently reviewing the proposed claim and will update the market as appropriate.

Following the announcement, the Netwealth share price was down at $18.79.

The wealth management business operates as a financial technology platform provider servicing financial advisers and retail investors across Australia.

The group continues to expand its broader platform services following a recent acquisition of Scale Up Platform Solutions for $29 million.